Morocco becomes the third African country to join the international financial institution, after Algeria and South Africa.
Rabat – The administration council of the Bank for International Settlements (BIS), known as the central bank of central banks, has invited Morocco’s central bank, Bank Al-Maghrib, to join its network.
Bank Al-Maghrib made the announcement on Tuesday, January 14.
The Switzerland-based institution has invited Morocco’s central bank to join its current 60 members. It is the first expansion of the network since 2011.
“Reviewing membership at regular intervals ensures that the membership base remains in keeping with the Bank’s global profile and its mandate to promote global monetary and financial stability,” said the president of the German central bank, Bundesbank, and Chair of the BIS Board, Jens Weidmann.
Kuwait and Vietnam, alongside Morocco, also received an invitation to join the international financial institution, raising the number of members to 63.
Morocco is only the third African country to join the network, after Algeria and South Africa.
BIS represents a forum for policymakers to discuss global economic developments through regular meetings. It also provides banking services to central banks and other international organizations.
The financial institution was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland.
As an organization of central banks, BIS seeks to make monetary policy more predictable and transparent among its members. It also aims to regulate capital adequacy and make reserve requirements transparent.